Rice price in Naogaon markets falling as anti-hoarding drive begins

Labourers unloading sack of paddy at a marketFile photo

The prices of paddy and rice in Naogaon market started to fall as an operation against illegal hoarding has started in the district. In a span of three days, the price of paddy in Naogaon market has decreased by Tk 60-200 per maund.

This has led to the fall of rice price in the wholesale market by Tk 1-2 per kg. However, rice is still being sold at the same price in the retail market.

The price has started to fall as the rice mill owners and wholesale traders reduced the purchase of paddy from the local market due to the fear of anti-stocking drives in warehouses, believes the concerned people. The farmers are, however, disappointed as the price of paddy has suddenly dropped by Tk 60-70 per maund.

“After the beginning of the anti-hoarding campaign, there is no rice trading in the market. Earlier, each wholesaler would sell five to six truckloads of rice daily. Now not a single truckload of rice is being sold. In this situation, many traders are forced to sell rice at low prices. Otherwise, if any stock of rice in the warehouse is found, you may have to pay the penalty at any time,” expressed Dwijen Chandra Ghosh, a trader at Alupatti rice market in Naogaon.

The mobile court fined Tk 685,000 to 15 businesspersons on allegation of stocking paddy and rice illegally during the raids in different upazilas of Naogaon from Tuesday to Thursday.

The district administration has announced to continue operations against the illegal hoarders.

Chatra market in Niamatpur upazila is one of the biggest rice markets in Naogaon. Paddy is bought and sold every day of the week in this market.

Talking to market traders and sellers Friday, it is known that each maund of coarse varieties of Swarna-5 and Swarna-51 (hybrid Swarna) rice is being sold at Tk 1,200 to Tk 1,210. The price was Tk 1,260 to 1,270 even three days ago.

The finer varieties of Jira and Katari paddy of the Boro season are being sold at Tk 1,320 to Tk 1,330. Three days ago, the price of Jira and Katari paddy was Tk 1,450 to Tk 1,460 per maund.

“The price of paddy is falling in the market. The price of coarse variety paddy has decreased by Tk 60 to 70 in a span of three to four days. The main reason for the fall in prices is that millers are not buying paddy. Where earlier five to six truckloads of paddy were purchased daily from one wholesaler, now not even one truckload of paddy is being purchased in a day. As millers have no demand, they are also not buying the paddy. This is because, if you buy more rice and stock more than the capacity, you may have to pay a fine,” said Abu Bakkar Siddique, owner of M/s Asif Traders.

The highest amount of fine fragrant rice is cultivated in Mahadebpur of Naogaon district.

Talking to traders and sellers at Matajihat market, it is known that the price of fragrant Chinigura rice variety has decreased by Tk 150-200 per maund in a span of three days. Today’s market price of Chinigura rice variety was between Tk 2,300 and 2,350. Three days ago the price was Tk 2,500.

A trader, Sohel Rana said, “Millers are not buying paddy out of fear of administrative raids. In this situation we have also reduced buying the paddy.”

Farmer Akbar Ali of Sartha village of Mahadebpur upazila came to the market to sell paddy. In response to the question on paddy price, he said, “Last Sunday, I sold Chinigura rice for Tk 2,500 but the price has come down to Tk 2,300 today. Within four days, I’ve lost Tk 200.”

It was known from Naogaon’s Alupatti wholesale market and Mahadebpur Upazila Sadar market that the price of coarse and finer varieties of rice has decreased by Tk 50 to Tk 60 per sack (50 kg) while the price of Atap rice has come down up to 100 taka per sack.

Speaking on the overall situation, Naogaon District Rice Mill Owners Association General Secretary Farhad Hossain Chakdar said that the government’s controlling system in the market should be strengthened. The government should look after the interests of both the farmers and consumers.